Korea Trade Balance

Korea: Trade surplus narrows in August

September 15, 2011

In August, exports expanded 25.9% over the same month the previous year to USD 45.9 billion, according to data released by the Korea Customs Services (KCS). The reading came in above the 21.7% July print and marked the 22nd consecutive month that exports expanded at a double-digit rate, in addition to representing the largest expansion in the last five months. According to the Ministry of Knowledge Economy (MKE), the August result reflected a strong increase in exports of petroleum products, which rose 84.5% over the same month last year, and ships, which expanded 77.5%. Imports increased 28.9% year-on-year in August, up from July's 25.0% annual increase, reaching USD 45.5 billion. As imports grew more than exports, the trade surplus narrowed from USD 4.9 billion in July to USD 0.5 billion in August.

Industrial production in the mining, manufacturing, gas and electricity sectors decreased 6.0% in December compared to the same month last year, more than the revised 1.7% decrease in November (previously reported: -1.6% year-on-year).